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ERCOT 2019 Summer Quarter Outlook

LCG, May 29, 2019-- LCG released a new summer (June – September 2019) report that looks at how the ERCOT grid copes with strained network conditions. Resource adequacy analysis for the region is especially important during extreme summer loading conditions. This summer the network is under particular scrutiny as the reserves have tightened because of recent retirements.

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South Field Energy Breaks Ground for 1,182-MW Power Plant

LCG, May 16, 2019--South Field Energy LLC announced yesterday its groundbreaking for an 1,182-MW, combined-cycle electric generating facility in Columbiana County, Ohio. The natural gas-fired facility is scheduled to commence operations in mid-2021 and represents a $1.3 billion investment.

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Industry News

AEP Buys Barge Line from Progress Energy

LCG, July 24, 2001--American Electric Power Co. said yesterday that it has executed a definitive agreement for its AEP Resources Inc. subsidiary to acquire the stock of Memco Barge Line Inc. from the Electric Fuels Corp. subsidiary of Progress Energy Corp. for $270 million.

"The acquisition of Memco is another important part of our growth strategy to create value at various points along the energy chain," said Paul D. Addis, executive vice president of AEP's wholesale activities group. "In this case, the coupling of the Memco barge assets with our existing fleet will add earnings and significant information flow in the sometimes-neglected transportation component of our business."

Tom Kilgore, president of Electric Fuels Corp. and head of Progress Energy's non-regulated business unit, said "This sale helps us accomplish our goal by allowing us to focus on growing our wholesale generation, fuel extraction and power marketing and trading operations."

The acquisition adds 1,200 hopper barges and 30 towboats to AEP's 605 barges and 15 towboats placing it among the leading barge operators in the country, the company said. Memco has added 860 new barges to its fleet between 1993 and 2000, reducing the average age of the fleet to less than seven years.

AEP said its core barge operations will be along the Ohio and Lower Mississippi rivers and along the Gulf Coast, with operations extending to the Upper Mississippi and Illinois, Tennessee- Tombigbee, Black, Monongahela and the Arkansas rivers.

The proposed transaction, which is subject to regulatory approvals, is expected to close within 60 days, AEP said. The acquisition is expected to boost earnings immediately.

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